Belarus aims to boost growth and raise incomes, with EU and World Bank support

Belarus aims to boost growth and raise incomes, with EU and World Bank support

Belarus

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02/02/2018

Boosting economic growth and increasing incomes for ordinary Belarusians are the main goals of the Economic Policy Support Project, launched jointly today by the European Union and the World Bank.

“The European Union considers the economic development of Belarus as an area of common interest and supports the country’s economic progress,” said Andrea Wiktorin, Head of the EU Delegation to Belarus. “This project will help Belarusians to enjoy sustainable economic growth, low inflation, increased market opportunities, secure competitive jobs and better social protection.”

The European Union will provide €3 million to support the Project during the period 2018-2020. The World Bank will assist the government of Belarus in strengthening public finance systems, maintaining banking sector stability, enhancing enterprise performance and accountability, protecting vulnerable households, and developing market institutions.

Implementation of new policies and regulations in these areas is essential to improving competitiveness, fostering productive resource allocation, and generating faster increases in incomes.

“Thanks to the European Union, Belarus will receive the World Bank's expert advice on policy changes needed to raise the incomes of ordinary Belarusians,” said Satu Kähkönen, World Bank Country Director for Belarus, Moldova, and Ukraine. “We are ready to apply our knowledge and experience to policy matters which are critical for stimulating economic growth.”

Belarus has emerged from the recent recession thanks to prudent macroeconomic management, but lasting improvements in living standards require further economic and institutional transformation, accompanied by safety net measures to protect people’s living standards.

The EU supports private sector development in Belarus through EU4Business initiative, with a focus on improving access to finance and foreign markets, building business skills and encouraging entrepreneurship.